Waaree Renewable bags LoA for 300 MW ground-mounted solar EPC order

Waaree Renewable Technologies Ltd has secured a Letter of Award (LoA) for a 300 MW/450 MWp ground-mounted solar engineering, procurement and construction (EPC) project, adding another large-scale renewable energy mandate to its growing order book.

The company disclosed the development in an exchange filing on Friday, underscoring continued demand for utility-scale solar projects as India accelerates its clean energy transition. The latest order comes at a time when solar developers and EPC contractors are benefiting from rising capacity additions and a robust project pipeline across the country.

Following the announcement, shares of Waaree Renewable Technologies rose to an intraday high of ₹971.10 on the NSE before paring gains. The stock was later trading lower at ₹951.

The fresh award adds to a series of project wins secured by the company in recent months. Waaree Renewable has recently bagged orders for a 420 MWp ground-mounted solar power project, a 35 MWp project and a 14 MWp solar installation, reflecting sustained traction in its core EPC business.

The latest order also builds on a strong operational and financial performance in FY26. During the March quarter, the company reported a 66% year-on-year rise in net profit to ₹155.7 crore, compared with ₹93.76 crore a year earlier.

Revenue more than doubled to ₹1,102.4 crore from ₹476.6 crore in the corresponding quarter of the previous year, driven by faster project execution and a growing order pipeline. EBITDA rose 63.7% to ₹206.8 crore, although margins moderated to 18.8% from 26.5% a year earlier.

For the full financial year, revenue from operations climbed 108.5% to ₹3,331.42 crore, while EBITDA increased 106.2% to ₹641.10 crore. Net profit surged 109.1% to ₹478.65 crore.

The company ended FY26 with an unexecuted order book of 2.83 GWp, scheduled for execution over the next 12 to 15 months. Its bidding pipeline has also expanded significantly, crossing 36 GWp, highlighting the scale of opportunities emerging in the sector.

Also Read: Waaree Renewable Q4 profit jumps 66%, revenue more than doubles

Commenting on the annual performance, Chief Financial Officer Manmohan Sharma said the company delivered a "stellar and consistent financial performance" during FY26, supported by strong demand and execution.

India's renewable energy sector has continued to gather pace, with installed renewable capacity crossing 274 GW and solar power contributing more than 150 GW as of March 2026. Against this backdrop, Waaree Renewable's latest project win further strengthens its visibility on future revenue and reinforces its position in the fast-growing solar EPC segment.